Economist says recession over, recovery slow
By Emily Ford
CONCORD ó The recession has ended, but recovery from near financial ruin will take more time, an economist told business leaders during the State of the Region Summit.
“I have no illusions that the economy is strong by any stretch of the imagination,” said Richard Kaglic, a regional economist at the Federal Reserve Bank of Richmond serving the Carolinas.
Kaglic, who works in Charlotte, called the recovery “weak” and “fragile.”
The Cabarrus Regional Chamber hosted the summit, an annual event held the week following fall elections. Leaders from Cabarrus and Rowan counties gathered in a movie theater at Concord Mills to hear analysis of the region’s economic development and public policy.
Kaglic delivered mixed news.
While financial markets have shown considerable improvement and some key segments of the economy have stabilized, manufacturing still lingers at the lowest level in a decade and layoffs continue, he said.
“Jobs,” he said. “We are still losing them.”
Read more in Wednesday’s Post.